AIG's former chief executive, Robert Willumstad, turned down his $22 million severance package, the Wall Street Journal reports (and Reuters follows).
Willumstad had served as CEO for three months. He turned the money down, the Journal says, because he couldn't "execute the restructuring" plan he developed. "I prefer not to receive severance while shareholders have lost considerable value in their AIG shares," the paper quotes him as saying.
AIG, a sprawling insurer, hit the rocks last week and got a loan of $85 billion from the U.S. government.
categories: News
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